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Elon Musk: Taxpayers made over $12 million profit on Tesla Motors loan

Topics: elon musk ♦ government loan ♦ Tesla Motors loan Tesla Motors CEO Elon Musk

Tesla Motors CEO Elon Musk said Thursday that U.S. taxpayers made a substantial profit from a government loan provided to the all-electric carmaker.

“It really feels good to have repaid the U.S. taxpayer,” he told Bloomberg WEST. “That’s really what’s important here, and we didn’t just repay the principle, we actually repaid it with interest and a bonus payment. Ultimately, the U.S. taxpayer actually made a profit of over $12 million on this loan. So, in fact, for this loan at least, people’s tax bill actually went slightly down.”

Musk noted Tesla was “attacked a lot in certain quarters” for being awarded the $465 million loan from the U.S. Energy Department in 2010. Conservatives like presidential candidate Mitt Romney, former Alaska Gov. Sarah Palin and Fox Business host Lou Dobbs described the company as “losers.”
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